Graft settlements may top USD100bn as probe nears end
Saudi Arabian authorities will likely recover more than USD100bn in settlement agreements with corruption suspects, a senior government official said. Talks with suspects held at the Ritz Carlton in Riyadh are expected to wrap up by the end of the month, and those who do not reach deals will be referred to prosecutors, said the official, who asked not to be identified because the details are private. Authorities have already agreed to drop charges against about 90 suspects who were released, Attorney General Sheikh Saud Al Mojeb said in an interview at the hotel late on Sunday. About 95 others were still at the Ritz, he said, including five who were weighing settlement proposals. The rest were reviewing evidence presented against them, he said. The hotel is taking bookings as of 14 Feb, more than three months after it turned into a gilded prison for the Kingdom’s richest people. Al Mojeb, who declined to discuss individual cases, defended the probe against criticism over a lack of transparency in the process for determining payments to secure freedom. “We are in a new era,” he said as Arabic music streamed through loudspeakers at the hotel lobby. “Corruption will be eradicated. The campaign against corruption won’t stop,” he added. The settlement payments being processed were a combination of cash, real estate, stocks and other asset classes, the senior government official said. Only a handful of those still detained at the hotel will likely reach an agreement with the authorities, he said. About 350 people have been summoned for questioning since King Salman ordered the anti-graft probe on 4 Nov. Many were invited as witnesses or to provide information, with some spending only a few hours or less at the Ritz, the official said.
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